Buying a home in the UK is £116 a month cheaper on average than renting, research from Halifax reveals.
UK home owners could potentially face earlier risk of possession next year because of a new EU directive.
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Mortgage payments most affordable in a decade.
In an analysis of more than one million customers’ accounts, Barclays found that on average, people paid out 15.4% of their take-home pay last year to cover their monthly mortgage payments.
The proportion compares with 20.5% in 2008, the most expensive year for mortgage payments.
The lowest point since records began ten years ago was last September when the average mortgage payment fell to 15.2% of take-home pay, or £488 a month.
The figures support research commissioned by Barclays that found the majority of home owners say they are more comfortable with their current payment levels now than this time last year.
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Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Services Authority.

